Crypto Currents: Coinbase Started With A Buy At Canaccord

Bitcoin, Currency, Technology, Money, Cryptocurrency

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

TESLA

Last weekend, Tesla (TSLA) CEO Elon Musk responded to accusations of Bitcoin price manipulation, stating: "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market. When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions."

BITFARMS

Bitfarms, a publicly traded Bitcoin mining company that said it is "currently powering approximately 1% of the Bitcoin network with greater than 99% green hydroelectricity," announced that the company has received DTC eligibility for the company's common shares in connection with their listing on the Nasdaq Stock Market. Trading on Nasdaq is expected to begin this coming Monday, June 21, under the symbol "BITF". Bitfarms will retain its listing on the TSX Venture Exchange under the symbol "BITF."

COINBASE INTEREST

Earlier this week, Canaccord analyst Joseph Vafi initiated coverage of Coinbase (COIN) with a Buy rating and $285 price target. Vafi said he views Coinbase as a "super on-ramp" to everything crypto, and that Coinbase stands to be a major beneficiary as ways of transacting goods and services becomes increasingly tied to the blockchain. The analyst sees recent market weakness as making the short-term Coinbase investment case more intriguing over the past few

HOT WHEELS

The New York Times reported on Thursday that Mattel (MAT) intends to offer one-of-a-kind Hot Wheels digital art, becoming the latest creator to jump on the NFT craze. Next week, the toy maker intends to offer three pieces of digital art in the form of NFTs for auction on its Mattel Creations website as part of its Hot Wheels NFT Garage Series. The auction will run for a week, and in another first for Mattel, the winner will be allowed to pay in ethereum, according to the Times.

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